Statistics in Business

  • Uncategorized

Statisticsin Business

Statisticsin Business

Definitionof Statistics

Statisticsis basically the kind of study that applies to the collection,analysis as well as the interpretation of data in such a way that itis able to bring out meaningful information that could be used toform certain decisions or solve a given problem in an organization(Bernard,2011).

Quantitativedata and qualitative data

Thereis a considerable difference between quantitative data andqualitative data (Neuman,&amp Robson, 2012).Quantitative data is the kind of data that uses information that hasa numerical form while qualitative data is that which uses nonumerical form.

Tablesand charts used to represent quantitative and qualitative data

Thereare various types of tables and charts that could be used torepresent quantitative and qualitative data. These features arenormally used because of their ability to summarize the informationbeing displayed as well as the presentability that they do put on thefigures that need to be shown. Frequency tables are mostly used torepresent data. They show the variable as well as its measure interms of frequency (Pickard,2012).They may also show the cumulative frequency of all the elements thatare represented in the table. One of the charts is the pie-chart.This is generally a segmented circle that shows the proportion ofeach element in a population, most often in percentage. As such, anyindividual looking at the pie-chart may be able to easily identifythe variable that has the highest proportion compared to others.

Abar graph could also be used to show the proportion of differentelements as well as the trend in performance of different elementsover a period. The line graph is also important in showing trends interms of the performance of a given element. Levelsof data measurement

Thelevels of data measurement are nominal, ordinal, ratio and interval.Nominal is the one which has no numeric values attached to a variable(VanderStoep, &amp Johnson, 2008). Ordinal is that one which has thenumeric values attached to a given variable holding no statisticalvalue but brings out an ordered relationship between the variables.An interval scale is that which defines order as well as themagnitude. Ratio scale has order, magnitude and could have absolute 0as a value.Therole of statistics in business decision-making

Statisticsare vital in the provision of accurate results from the analyses thatare done in a bid to answer a given research question that needs tobe answered. As a result, the management is able to make decisionsbased on the statistic findings obtained as they are consideredfactual and able to bring better results.Businessresearch questions

Oneof business research questions in which it would be important toapply is the evaluation of rebranding as a method of boostingcustomer loyalty for a business (Pickard,2012).This research question will require the views and comments ofrespondents regarding rebranding and the position that it holds inhelping a given organization to ensure that it does retain loyalcustomers. The respondents taking part in the study will need to betallied and their views recorded with appropriate statistic testsconducted so as to analyse their responses and come up withworthwhile findings that could be crucial in answering the researchquestion given.

Anotherresearch question is the role of supply chain management in theoptimization of the performance of a given business. This study couldrequire one to go through the various elements contained in supplychain management and the importance that they do have in ensuringthat they improve the level of performance of a given businessentity.

References

Bernard,H. R. (2011).&nbspResearchmethods in anthropology: Qualitative and quantitative approaches.Rowman Altamira.

Neuman,W. L., &amp Robson, K. (2012). Basics of social research:Qualitative and quantitative approaches.

Pickard,A. (2012).&nbspResearchmethods in information.Facet Publishing.

VanderStoep,S. W., &amp Johnson, D. D. (2008).&nbspResearchmethods for everyday life: Blending Qualitative and quantitativeapproaches&nbsp(Vol.32). John Wiley &amp Sons.

Close Menu